This paper makes a comparative analysis on the respective ideas of "public economy" and "public selection"of Masgrave and Buchanan,two great characters in finance,from these four aspects:public expense increase,majority judgment rule,optimal tax rate and fiscal competition.

The hypothesis of reasonable person, transivity principle and majority rule are well-known background knowledge in the theory of social choice.

However, Buchanan s democratic theory is not yet perfect, for the concept of taking the cost as the standard makes it fall into a difficult position in interpreting the majority rules common for constitution.

The arbitration rules regulate the procedures carried out by the parties and arbitration institutions and tribunals.

The law application of international commercial arbitral proceedings includes the applications of arbitral procedure act and arbitration rules.

The clause of "waiver of right to object" (hereinafter referred to as "the Clause") has been established in many arbitration rules,it plays a role in urging the parties of arbitration to exercise their rights to object quickly and reasonably.